Wells Fargo is a large bank with diversified operations. According to Cramer, most of its subprime loans are consolidated loans and not home mortgages, so WFC’s exposure to recent market troubles is limited.

“It can take the mortgage pain because it’s so big,” Cramer said.

So he wasn’t surprised the stock went up today. There’s a fundamental difference between a Wells Fargo and a mortgage company like Thornburg, Cramer explained: At some point, WFC will take a one-time charge for its home loans. But as bad as that might be, WFC won’t go belly up like the mortgage companies will.

As these mortgage companies shut down, Well Fargo can snatch up market share with very little competition.

Another great thing about WFC is the buyback. The bank just announced at 50-million share repurchase plan on top of a 75-million share plan announced in March. That’s 3.3% of shares outstanding.

So how should investors play Wells Fargo? Cramer recommended buying in a week or two and enjoying the 3.7% yield until the smoke clears. Once the Fed makes its move, WFC should do some moving of its own.